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Volvo and Lotus are Now Owned by the Same Chinese Company

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Geely now owns a majority stake in Lotus.

It has been known for quite some time now that Chinese automaker Geely, which also owns Volvo, would be purchasing a 51-percent majority stake in Lotus. But that transaction is now complete and the remaining 49 percent is being held by Etika Automotive, a Malaysian automotive group.

With the announcement of the completed transaction, the Board of Directors for Lotus has also been established, with Geely to hold three seats on the board and Etika holding two. Geely has appointed Geely Holding’s executive vice president and chief financial officer, Mr. Daniel Donghui Li, as chairman of the Lotus Board. Joining him from Geely are Mr. Feng Qing Feng, Geely vice president and chief technology officer, as well as Mr. Nathan Yu Ning, vice president of international business and executive advisor to the president at Geely Holding.

SEE ALSO: Volvo’s Chinese Parent Company is Buying Lotus

Etika has appointed Dato’ Sharil Tarmizi, a corporate consultant and a long-term supporter of technology companies to the Lotus Board, and will announce another addition in due course.

Current Lotus CEO Jean-Marc Gales will retain his position, after helping bring the British automaker back to a positive cash flow situation.

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